S&P rates CapitaLand notes A-

S&P said it assigned an A- long-term issue rating and axAA long-term Asean regional scale rating to the unsecured notes issued by CCT MTN Pte Ltd.

The S$75 million 2.77% series 013 notes are issued under the S$2 billion multi-currency medium-term note program of CapitaLand Commercial Trust and will mature July 4, 2022, S&P said.

CCT MTN is a wholly owned subsidiary of HSBC Institutional Trust Services (Singapore) Ltd., which unconditionally and irrevocably guarantees the notes.

The proceeds will partly refinance CapitaLand’s unsecured bank borrowings due in 2020, the agency said.

The ratings reflect the trust’s strong market position and stable recurring income with well-spread lease expiries, S&P said.

CapitaLand’s geographic concentration with all of its assets in Singapore tempers these strengths, the agency said.

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